All Things Trade and Currency, All Nations Great and Small, 1933–1936

Patricia Clavin

in Securing the World Economy

Published in print February 2013 | ISBN: 9780199577934
Published online May 2013 | e-ISBN: 9780191744211 | DOI:
All Things Trade and Currency, All Nations Great and Small, 1933–1936

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  • Modern History (1700 to 1945)
  • Economic History


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The period between 1933 and 1936 was an important period of transition, and EFO was used as a means through which states sought to make sense of a world now characterized by tariff walls, currency blocs and reinforced imperial ties. For EFO, in turn, although National Socialism, Italian Fascism and Japanese imperialism threatened, British economic nationalism posed an equally grave challenge. The depreciation of sterling and the US dollar had brought significant benefits, but the absence of international consensus on monetary policy, as the gold bloc (which included key EFO powers such as France, Belgium and the Netherlands) cleaved to monetary orthodoxy created rage obstacles for international co-operation and co-ordination. After 1934 France sought to use EFO as a means to negotiate its way out of the gold standard impasse, while EFO's secretariat, preoccupied with the impact of blocked accounts, turned increasingly to the US.

Keywords: Jakob Viner; Leo Pasvolsky; compensation agreements; clearing agreements; Tripartite Stabilization Agreement; 1936; Popular Front; France; Reciprocal Tariff Agreement Act

Chapter.  18419 words. 

Subjects: Modern History (1700 to 1945) ; Economic History

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